Latest news with #MarcNicholson
Business Times
11 hours ago
- Business
- Business Times
Singapore private club 1880's staff in bid to revive club with landlord RB Corp's support
[SINGAPORE] Following the abrupt closure of Singapore private members' club 1880 this week, The Business Times (BT) understands that its staff have banded together in an attempt to revive the business. A source told BT that they have made an offer to buy the club's assets, with support and backing from its landlord, RB Corp – a member of Singapore-based and privately-held property investment and development firm RB Capital Group. The group's flagship development at Robertson Quay includes the InterContinental Singapore Robertson Quay hotel where 1880 is located on the third level. The 22,000 square foot club has a restaurant, bar, spa and co-working space. Speaking to BT on condition of anonymity, a staff member confirmed that the 60-plus strong team that ran 1880 have come together to ask RB Corp for help after they were suddenly left jobless. 'We are 100 per cent ready to move forward together, with the same purpose and ethos that made the club possible,' said the employee. 'Most of us have been working there for a long time, with a handful right from when the club started.' The move came after staff were told by liquidators that they can expect to wait some six to 12 months before wages owed can be paid. 'Many people's livelihoods are on the line,' added the employee. 'Some are foreigners who have signed leases here. They are struggling and have taken personal loans.' The club was founded in 2017 by Canadian entrepreneur Marc Nicholson and has since established itself as a hub for discussions on topics ranging from global conflicts to social justice. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up On Tuesday (Jun 17), Nicholson announced to members and staff via e-mail and WhatsApp messages that the club was closing permanently, and that both its holding company 38 Degrees and operating company 1880 Pte Ltd have been placed into provisional liquidation. BT understands that 1880's local business here was profitable, but that it got into debt after aggressively expanding to Hong Kong and Bali. Its abrupt closure here follows that of its Hong Kong branch on May 30, just seven months after opening in the territory. The club was also building a six-storey beachside hotel in Bali that never opened. A source told BT that the staff's bid to revive 1880 will exclude any involvement from its three co-founders – Nicholson, his wife and club CEO Jean Low, and chairman Luke Jones. A check showed that the trio together own just under 80 per cent of 38 Degrees. The minority shareholders comprise many individuals and entities, including the landlord with a 5 to 6 per cent stake. BT understands that RB Corp is owed rent and has terminated the club's lease. When contacted, a representative from the company told BT: 'As 1880's landlord, we sympathise with the employees who have lost their jobs and the members who made 1880 their second home.' Meanwhile, the staff member said that 1880 was not just any club. 'The culture at 1880 is completely different. We've had events and conversations here that you can't get anywhere else in Singapore.' This was echoed by one of 1880's 2,000-plus members, lawyer Lada Shelkovnikova, who has been an active member since she joined in 2019. 'It was more like a home than an F&B (food and beverage) establishment,' she said. 'I've done an event there myself and had all my client meetings there. Its closure is devastating, and we all feel extremely sorry for the employees because the team is absolutely stellar.' She also had high praise for 1880's programming, which she said was only possible thanks to the staff. 'We've had CEOs, wellness gurus, bestselling authors and C-suites who have come to speak at the club and exchange ideas. No one else can replicate this.'
Business Times
3 days ago
- Business
- Business Times
Singapore private club 1880 suddenly closes under layers of debt; founders accused of holidaying in the past month
[SINGAPORE] Private members' club 1880 suddenly announced its permanent closure effective Tuesday (Jun 17), with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. This follows the abrupt closure of its Hong Kong branch on May 30. It was also building a six-storey beachside hotel in Bali that never opened. 1880 was founded in 2017 by Canadian entrepreneur Marc Nicholson, and occupies 22,000 square feet of space on the third level of InterContinental Singapore Robertson Quay. It has a restaurant, bar, spa and co-working space. A source told The Business Times that since Monday, a few club operators have stepped forward, offering to take over the local business. BT previously reported that at least two parties were looking into acquiring the club, one of which is said to be linked to a sovereign wealth fund. 'They see value in the operations of the Singapore business,' said the source. 'These are large players in the F&B lifestyle businesses in Singapore and Asia. Some are existing regional clubs without a presence in Singapore.' The source said the reason for the club's abrupt closure here is due to mounting pressure on Nicholson from the different creditors and suppliers. Staff and members left in the lurch Following the shock closure, staff and suppliers had been heading to the club to collect their belongings and seek answers. There appeared to have been a meeting in the afternoon, from which staff emerged looking dejected. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up BT was told that staff were particularly aggrieved as they claimed that Nicholson and his wife, Jean Low, 1880's co-founder and chief executive officer, had been on holiday in the past month. The couple were said to have been vacationing by a lake in Canada, and after their return, headed to Bali. Meanwhile, staff were keeping the business going amid the financial troubles but there was no communication about a potential closure. It was claimed that Nicholson put the club into liquidation upon returning from Bali. BT has not been able to reach Nicholson or Low. A wine supplier told BT that things were fine until around the middle of last year, when payments started getting delayed. 'We heard that the funds in Singapore were going to Hong Kong, where they had cash-flow problems,' she said. Her company is owed about two months' worth of payment, which is 'not that bad'. 'I heard some wine suppliers are owed five months or more payment.' BT understands that 1880 also owes some rent. A member, who joined soon after the club's founding about eight years ago, said she received an e-mail announcing the club's closure at 1.44 am on Tuesday. In it, Nicholson said the club and all its operations will cease immediately. 'Please do not come to the premises as the doors will be locked,' he wrote. 'My bigger issue is that I run my business at the co-working space there; it's my registered office address,' said the member who went to the club this morning to collect her mail. 'I also use the club for meetings and entertainment. Now it's a scramble to find a new registered address and divert all my mail.' Calling it 'really disappointing', she said members could have been given a heads-up, especially those who run their businesses at 1880. BT understands that there are more than 2,000 members in Singapore, and membership fees were reported to be around S$5,000, with monthly fees of S$245. Members were still getting weekly WhatsApp messages updating them on ongoing events for the rest of this week. Ben Jones, co-founder of another private members' club, Mandala Club, said he does not interpret 1880's closure as a systemic industry warning. 'Each club has its unique context,' he said. 'At Mandala Club, we're on a strong and profitable growth trajectory with exciting new developments in the pipeline both here in Singapore and overseas.' Jones is also open to hiring 1880 staff. 'We've engaged in productive conversations with several experienced professionals who have reached out.' Out of funds In his e-mail, Nicholson claimed that spend and frequency per visit of the club's members has been trending down, and that the company needed an injection and 'some efficiency optimisation'. 'We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. I was extremely excited believing in my heart that our future was secure and bright,' he wrote. 'We were, however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close.' He said details about the liquidation process and the creditors meeting 'will be forthcoming' and apologised to Low, investor and Singapore club chairman Luke Jones, stakeholders, staff and members. 'I am an entrepreneur. I had an idea and I tried to make it work. We created a brand that earned a reputation that brought opportunities for expansion that I could not resist. Call it hubris, arrogance, capitalism or stupidity, I am solely to blame for the failure of 1880.' A report by the South China Morning Post said that 1880 Hong Kong had about HK$20 million (S$3.3 million) of debt and owes wages to more than 100 staff. The club is also in rental arrears, having taken four storeys in Swire Properties' Two Taikoo Place office complex in Quarry Bay. 1880 Hong Kong started operating in November last year. But unlike the Singapore version, part of it is open to the public. In his e-mail to the Hong Kong members, Nicholson said 1880 Singapore will retain its brand and 'continue under a new group'; and that the Hong Kong members will be granted a one-year overseas membership to the Singapore club, as well as all reciprocal clubs around the world. Additional reporting by Bryan Cheong
AsiaOne
4 days ago
- Business
- AsiaOne
Singapore private club 1880 suddenly closes; founder says it has no funds to pay staff and suppliers, Lifestyle News
SINGAPORE — Private members' club 1880 announced its sudden closure on June 17 after almost eight years in business, with its holding and operating companies placed under provisional liquidation. The club, located in Robertson Quay, explained the closure in e-mail and WhatsApp messages to members in the early hours of June 17. It said it could not secure several offers to invest in or acquire 1880, and has no funds to pay staff and suppliers. The message, which was seen by The Straits Times, was signed off by Canadian founder Marc Nicholson. It said: "The club and all its operations will cease immediately. Please do not come to the premises as the doors will be locked." Nicholson said in the message that the holding company 38 Degrees and the operating company 1880 Pte Ltd have been placed into provisional liquidation, and that details about the liquidation process and the creditors' meeting will be forthcoming. The club comprised a co-working space, restaurant, bar and spa for members. It hosted trivia nights, forums and dialogues with personalities from diplomats to explorers and entrepreneurs. Its closure follows the sudden closure of its Hong Kong branch on May 30, after less than seven months in operation. It was also building a property in Bali. In the message, Nicholson said visitors had been spending less and going less often, adding that "the company needed an injection and some efficiency optimisation". There were three offers to invest in or acquire 1880, he said. ST understands that potential investors included a sovereign wealth fund and a privately held real estate group. "(Any one) of these would have restored us to health and given a runway to building a global brand. I was extremely excited believing in my heart that our future was secure and bright," Nicholson wrote. "We were however unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers we have no alternative but to close." The message also alluded to the club's expansion efforts as contributing to its collapse. Said Nicholson: "We created a brand that earned a reputation that brought opportunities for expansion that I could not resist. "Call it hubris, arrogance, capitalism, or stupidity, I am solely to blame for the failure of 1880." ST has contacted 1880 for comment. As at June 16, it appeared to be business as usual at 1880, with the club still promoting events on its social media pages. One of the club's founding members, Andrew Chan, said he was still getting updates for events that were two weeks away. But he also said the writing was on the wall after 1880's biggest annual White Party was cancelled and its Hong Kong outlet was shuttered. "In recent times being at the club, it was a lot quieter," said Chan, who runs a recruitment and professional training firm in the hospitality sector. "But I'm not upset, it's just business, and F&B businesses are struggling... I've seen it firsthand as someone who works in the sector... I feel more for the staff of 1880, they were great people." Ben Jones, co-founder of Mandala Club in Bukit Pasoh Road, which is another player on the scene, said: "The closure of 1880 marks a significant moment for Singapore's cultural and social scene." Jones added: "As a fellow private members' club, we recognise the vision and effort it takes to create spaces that bring communities together in meaningful ways." He declined to comment on the specifics of 1880's business challenges. [[nid:719111]] This article was first published in The Straits Times . Permission required for reproduction.
Straits Times
4 days ago
- Business
- Straits Times
Singapore private club 1880 suddenly closes; founder says it has no funds to pay staff and suppliers
The club, located in Robertson Quay, explained the closure in e-mail and WhatsApp messages to members in the early hours of June 17. PHOTO: ST FILE Singapore private club 1880 suddenly closes; founder says it has no funds to pay staff and suppliers SINGAPORE – Private members' club 1880 announced its sudden closure on June 17 after almost eight years in business, with its holding and operating companies placed under provisional liquidation. The club, located in Robertson Quay, explained the closure in e-mail and WhatsApp messages to members in the early hours of June 17. It said it could not secure several offers to invest in or acquire 1880, and has no funds to pay staff and suppliers. The message, which was seen by The Straits Times, was signed off by Canadian founder Marc Nicholson. It said: 'The club and all its operations will cease immediately. Please do not come to the premises as the doors will be locked.' Mr Nicholson said in the message that the holding company 38 Degrees and the operating company 1880 Pte Ltd have been placed into provisional liquidation, and that details about the liquidation process and the creditors' meeting will be forthcoming. The club comprised a co-working space, restaurant, bar and spa for members. It hosted trivia nights, forums and dialogues with personalities from diplomats to explorers and entrepreneurs. Its closure follows the sudden closure of its Hong Kong branch on May 30, after less than seven months in operation. It was also building a property in Bali. In the message, Mr Nicholson said visitors had been spending less and going less often, adding that 'the company needed an injection and some efficiency optimisation'. There were three offers to invest in or acquire 1880, he said. ST understands that potential investors included a sovereign wealth fund and a privately held real estate group. '(Any one) of these would have restored us to health and given a runway to building a global brand. I was extremely excited believing in my heart that our future was secure and bright,' Mr Nicholson wrote. 'We were however unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers we have no alternative but to close.' The message also alluded to the club's expansion efforts as contributing to its collapse. Said Mr Nicholson: 'We created a brand that earned a reputation that brought opportunities for expansion that I could not resist. 'Call it hubris, arrogance, capitalism, or stupidity, I am solely to blame for the failure of 1880.' ST has contacted 1880 for comment. As at June 16, it appeared to be business as usual at 1880, with the club still promoting events on its social media pages. One of the club's founding members, Mr Andrew Chan, said he was still getting updates for events that were two weeks away. But he also said the writing was on the wall after 1880's biggest annual White Party was cancelled and its Hong Kong outlet was shuttered. 'In recent times being at the club, it was a lot quieter,' said Mr Chan, who runs a recruitment and professional training firm in the hospitality sector. 'But I'm not upset, it's just business, and F&B businesses are struggling... I've seen it firsthand as someone who works in the sector... I feel more for the staff of 1880, they were great people.' Mr Ben Jones, co-founder of Mandala Club in Bukit Pasoh Road, which is another player on the scene, said: 'The closure of 1880 marks a significant moment for Singapore's cultural and social scene.' Mr Jones added: 'As a fellow private members' club, we recognise the vision and effort it takes to create spaces that bring communities together in meaningful ways.' He declined to comment on the specifics of 1880's business challenges. Anjali Raguraman is a correspondent at The Straits Times. She covers politics, as well as consumer stories spanning tourism, retail and F&B. Join ST's WhatsApp Channel and get the latest news and must-reads.
Time Out
4 days ago
- Business
- Time Out
Singapore private members' club 1880 announces sudden closure due to lack of funds
Social clubs like The Tanglin Club and Mandala Club aren't your average hangouts – these ultra-exclusive spaces are members-only and come with membership fees that put them firmly out of reach for most of us mere mortals. Among them was 1880, a private members' club tucked along the Robertson Quay waterfront. But after seven years of stylish soirées, 1880's Singapore branch is closing its doors for good. 1880 first opened in 2017, founded by Canadian entrepreneur Marc Nicholson. The club was home to a fancy schmancy co-working space, restaurant, bar, grooming salons and even a spa for its members, and quickly became known amongst notable figures. The club has hosted diplomats, business leaders and cultural icons, including former Foreign Affairs Minister George Yeo and diplomats Kishore Mahbubani and Bilahari Kausikan. Membership was capped at 2,000 pax when it launched, with a one-time joining fee of $7,000 and annual fees of up to $2,500. But as of today, June 17, 2025, it's officially the end of an era. In a message sent out to members, the club announced its immediate closure. The statement revealed that its holding company, 38 Degrees, and operating company, 1880 Pte Ltd, have been placed under provisional liquidation – a legal process triggered when a company is unable to meet its financial obligations, pending a court ruling on full liquidation. All operations have ceased with immediate effect, and the message ended with one final instruction for members: 'Please do not come to the premises as the doors will be locked'. The closure of the Singapore branch comes just weeks after the sudden shuttering of its Hong Kong branch on May 30, 2025, barely seven months after it opened. At the time of writing, 1880 Singapore's Instagram account remains active, though no public post has been made about the closure. While the closure of 1880 Singapore may come as a blow to its members, there's a silver lining on the horizon. Ebisu Flower Park, the exclusive, floral-themed bar from Tokyo and one of Japan's most coveted members' clubs, made its Singapore debut this January. Its exact location is disclosed only to members, but you can find out more here.
